https://www.taxtmi.com/caselaws?id=370254 The Appellate Tribunal ITAT Cochin allowed the assessee's appeal, holding that income from the nursing school was not to be assessed as business income but as arising from charitable activities eligible for exemption under section 11(1) of the IT Act. The tribunal also allowed depreciation on assets based on a Supreme Court judgment and set aside the requirement for audit under section 44AB, given the nature of the income. The decision provided a comprehensive analysis of each issue raised, ensuring a fair and just outcome for the assessee. en-us Mon, 12 Nov 2018 00:00:00 +0530 Wed, 14 Nov 2018 07:13:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370254 The Appellate Tribunal ITAT Cochin allowed the assessee's appeal, holding that income from the nursing school was not to be assessed as business income but as arising from charitable activities eligible for exemption under section 11(1) of the IT Act. The tribunal also allowed depreciation on assets based on a Supreme Court judgment and set aside the requirement for audit under section 44AB, given the nature of the income. The decision provided a comprehensive analysis of each issue raised, ensuring a fair and just outcome for the assessee. Case-Laws Income Tax Mon, 12 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370254